Exhibit 10.2





 Exhibit 10.2 

EXECUTION VERSION 

GUARANTEE AGREEMENT 

GUARANTEE AGREEMENT, dated as of November 2, 2018 (as amended, restated, supplemented, or otherwise modified from time to
time, this “Guarantee Agreement”), made by CREDIT RE OPERATING COMPANY, LLC, a Delaware limited liability company having its principal place of business at 590 Madison Avenue,
34th Floor, New York, New York 10022 (“Guarantor”), in favor of WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association (“Buyer”) and any of its
parent, subsidiary or affiliated companies. 
 RECITALS 

Pursuant to that certain Master Repurchase and Securities Contract, dated as of the date hereof (as amended, supplemented or
otherwise modified from time to time, the “Repurchase Agreement”), by and between Buyer and CLNC CREDIT 8, LLC, a Delaware limited liability company (“Seller”), Seller has agreed to sell, from time to time,
to Buyer certain Purchased Assets, as defined in the Repurchase Agreement; upon purchase by Buyer, each a “Purchased Asset” and collectively, the “Purchased Assets”) upon the terms and subject to the conditions as
set forth therein. Pursuant to the terms of that certain Custodial Agreement, dated as of the date hereof (as amended, supplemented or otherwise modified from time to time, the “Custodial Agreement”), between and among Wells Fargo
Bank, National Association (in such capacity, the “Custodian”), Buyer and Seller, the Custodian is required to take possession of the Purchased Assets, along with certain other documents specified in the Custodial Agreement, as the
Custodian of Buyer and any future purchaser, on several delivery dates, in accordance with the terms and conditions of the Custodial Agreement. The Repurchase Agreement, the Custodial Agreement, this Guarantee Agreement and any other agreements
executed in connection with the Repurchase Agreement and the Custodial Agreement shall be referred to herein as the “Repurchase Documents”. 

It is a condition precedent to Buyer purchasing the Purchased Assets pursuant to the Repurchase Agreement that Guarantor shall
have executed and delivered this Guarantee Agreement with respect to the due and punctual payment and performance when due, whether at stated maturity, by acceleration or otherwise, of all of the following: (a) all payment obligations owing by
Seller to Buyer under or in connection with the Repurchase Agreement and any other Repurchase Documents, including, without duplication, all interest and fees that accrue after the commencement by or against Seller or Guarantor of any Insolvency
Proceeding naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding (in each case, whether due or accrued); (b) any and all extensions, renewals, modifications,
amendments or substitutions of the foregoing; (c) all expenses, including, without limitation, reasonable attorneys’ fees and disbursements, that are incurred by Buyer in the enforcement of any of the foregoing or any obligation of
Guarantor hereunder; and (d) any other obligations of Seller with respect to Buyer under each of the Repurchase Documents (collectively, the “Guaranteed Obligations”). 












 NOW, THEREFORE, in consideration of the foregoing premises, to induce Buyer
to enter into the Repurchase Documents and to enter into the transactions contemplated thereunder, Guarantor hereby agrees with Buyer, as follows: 

1.    Defined Terms. Unless otherwise defined herein, terms which are defined in the Repurchase
Agreement and used herein are so used as so defined. 
 “Available Borrowing Capacity”: On any date of
determination, the total unrestricted borrowing capacity which may be drawn (taking into account required reserves and discounts) upon by Guarantor and its Consolidated Subsidiaries under any credit facilities (excluding repurchase agreements and
note on note facilities), but with respect to any such credit facility, solely to the extent that such available borrowing capacity is committed by the related lender. 

“Capital Expenditures”: With respect to any Person for any period, the aggregate of all expenditures by such
Person and its Consolidated Subsidiaries for the acquisition or leasing (pursuant to a capital lease) of fixed or capital assets or additions to equipment (including replacements, capitalized repairs and improvements during such period) that should
be capitalized under GAAP on a consolidated balance sheet of such Person and its Consolidated Subsidiaries. 

“Capital Lease Obligations”: For any Person, all obligations of such Person to pay rent or other amounts
under a lease of (or other agreement conveying the right to use) property to the extent such obligations are required to be classified and accounted for as a capital lease on a balance sheet of such Person under GAAP, and, for purposes of this
Agreement, the amount of such obligations shall be the capitalized amount thereof, determined in accordance with GAAP. 

“Capital Stock”: With respect to any Person, all of the shares of capital stock or share capital of (or other
ownership or profit interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock or share capital of (or other ownership or profit interests in) such Person, all
of the securities convertible into or exchangeable for shares of capital stock or share capital of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares
(or such other interests), and all of the other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other
interests are outstanding on any date of determination. 
 “Cash Equivalents”: As of any date of
determination, any of the following: (a) marketable securities (i) issued or the principal and interest of which are directly and unconditionally guaranteed by the United States or (ii) issued by any agency of the United States, the
obligations of which are backed by the full faith and credit of the United States and (b) time deposits, certificates of deposit, money market accounts or banker’s acceptances of any investment grade rated commercial bank, in each case
with respect to clauses (a) and (b) which mature within ninety (90) days after such date of determination. 

“Consolidated EBITDA”: With respect to any Person for any period, Core Earnings plus an amount which, in the
determination of Core Earnings for such period, has been 

  
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deducted (and not added back) for, without duplication, (i) Consolidated Interest Expense, (ii) provisions for taxes based on income of such Person and its Consolidated Subsidiaries
(provided that Consolidated EBITDA shall, solely with respect to the Consolidated EBITDA attributable to any Non Wholly-Owned Consolidated Affiliate, only include the Consolidated Group Pro Rata Share of such attributable amount), and
(iii) preferred dividends. 
 “Consolidated Group Pro Rata Share”: With respect to any Non
Wholly-Owned Consolidated Affiliate, the percentage interest held by Guarantor and its Wholly Owned Subsidiaries, in the aggregate, in such Non Wholly-Owned Consolidated Affiliate determined by calculating the percentage of Capital Stock of such Non
Wholly-Owned Consolidated Affiliate owned by Guarantor and its Wholly Owned Subsidiaries. 
 “Consolidated Interest
Expense”: With respect to any Person for any period, total interest expense (including that attributable to Capital Lease Obligations) of such Person and its Consolidated Subsidiaries for such period with respect to all outstanding
Indebtedness of such Person and its Consolidated Subsidiaries (including all commissions, discounts and other fees and charges owed with respect to letters of credit and bankers’ acceptance financing and net costs under Swap Agreements in
respect of interest rates to the extent such net costs are allocable to such period in accordance with GAAP); provided that Consolidated Interest Expense shall, with respect to any Non Wholly-Owned Consolidated Affiliate, only include the
Consolidated Group Pro Rata Share of the total cash interest expense (determined in accordance with GAAP) of such Non Wholly-Owned Consolidated Affiliate for such period. 

“Consolidated Leverage Ratio”: With respect to any Person on any date of determination, the ratio of
(a) Consolidated Total Debt on such day to (b) Total Asset Value as of such date. 
 “Consolidated
Subsidiaries”: With respect to any Person, all Subsidiaries of such Person which are consolidated with such Person for financial reporting purposes under GAAP. 

“Consolidated Tangible Net Worth”: For any Person on any date of determination, all amounts that would, in
conformity with GAAP, be included on a consolidated balance sheet of such Person and its Consolidated Subsidiaries under stockholders’ equity at such date plus (i) accumulated depreciation and (ii) amortization of real estate
intangibles such as in-place lease value, above and below market lease value and deferred leasing costs which are purchase price allocations determined upon the acquisition of real estate, in each case, of
such Person and its Consolidated Subsidiaries on such date (provided that the amounts described in the foregoing clauses (i) and (ii) shall, solely with respect to any such amount attributable to any Non Wholly-Owned Consolidated
Affiliate, only include the Consolidated Group Pro Rata Share of such attributable amount) minus the Intangible Assets of such Person and its Consolidated Subsidiaries on such date (provided that any such amount deducted with respect
to deferred financing costs shall, solely with respect to any such amount attributable to any Non Wholly-Owned Consolidated Affiliate, only include the Consolidated Group Pro Rata Share of such attributable amount). 

“Consolidated Total Debt”: With respect to any Person on any date of determination, the aggregate principal
amount of all Indebtedness of the such Person and its Consolidated Subsidiaries at such date, determined on a consolidated basis in accordance with 

  
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GAAP; provided that Consolidated Total Debt shall (i) exclude any Indebtedness attributable to a Specified GAAP Reportable B Loan Transaction, (ii) exclude all Permitted Non-Recourse CLO Indebtedness and (iii) solely with respect to the Indebtedness of any Non Wholly-Owned Consolidated Affiliate, only include the Consolidated Group Pro Rata Share of such Indebtedness. 

“Core Earnings”: With respect to any Person for any period, net income determined in accordance with GAAP of
such Person and its Consolidated Subsidiaries and excluding (but only to the extent included in determining net income for such period) (i) non-cash equity compensation expense, (ii) the expenses
incurred in connection with the formation of the Sponsor and the offering in connection therewith, including the initial underwriting discounts and commissions, (iii) acquisition costs from successful acquisitions (other than acquisitions made
in the ordinary course of business), (iv) real property depreciation and amortization, (v) any unrealized gains or losses or other similar non-cash items that are included in net income for the current
quarter, regardless of whether such items are included in other comprehensive income or loss, (vi) extraordinary or non-recurring gains or losses and
(vii) one-time expenses, charges or gains relating to changes in GAAP; provided that Core Earnings shall, solely with respect to the Core Earnings attributable to any Non Wholly-Owned Consolidated
Affiliate, only include the Consolidated Group Pro Rata Share of such attributable amount. 
 “Customary Recourse
Exceptions”: With respect to any Non-Recourse Indebtedness, exclusions from the exculpation provisions with respect to such Non-Recourse Indebtedness such as
fraud, misapplication of cash, voluntary bankruptcy, environmental claims, breach of representations and warranties, failure to pay taxes and insurance, as applicable, and other circumstances customarily excluded by institutional lenders from
exculpation provisions and/or included in separate indemnification agreements in non-recourse financings of commercial real estate. 

“Guarantee”: As to any Person, any obligation of such Person directly or indirectly guaranteeing any
Indebtedness of any other Person or in any manner providing for the payment of any Indebtedness of any other Person or otherwise protecting the holder of such Indebtedness against loss (whether by virtue of partnership arrangements, by agreement to
keep-well, to purchase assets, goods, securities or services, or to take-or-pay or otherwise); provided that the term “Guarantee” shall not include
endorsements for collection or deposit in the ordinary course of business. The amount of any guarantee of a Person shall be deemed to be the lower of (a) an amount equal to the stated or determinable amount of the primary obligation in respect
of which the guarantee is made and (b) the maximum amount for which such Person may be liable pursuant to the terms of the instrument embodying such guarantee, unless such primary obligation or maximum amount for which such Person may be liable
is not stated or determinable, in which case the amount of such guarantee shall be such Person’s maximum reasonably anticipated liability in respect thereof as determined by such Person in accordance with GAAP. The terms
“Guarantee” and “Guaranteed” used as verbs shall have correlative meanings. 

“Indebtedness”: As to any Person at a particular time, without duplication, the following to the extent they
are included as indebtedness or liabilities in accordance with GAAP: 

(a)    obligations created, issued or incurred by such Person for borrowed money (whether
by loan, the issuance and sale of debt securities or the sale of property to another Person subject to an understanding or agreement, contingent or otherwise, to repurchase such property from such Person); 

  
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 (b)    obligations of such Person to pay
the deferred purchase or acquisition price of property or services, other than trade accounts payable (other than for borrowed money) arising, and accrued expenses incurred, in the ordinary course of business so long as such trade accounts payable
are payable within sixty (60) days of the date the respective goods are delivered or the respective services are rendered; 

(c)    Indebtedness of others secured by a lien on the property of such Person, whether or
not the respective Indebtedness so secured has been assumed by such Person; 

(d)    obligations (contingent or otherwise) of such Person in respect of letters of credit
or similar instruments issued or accepted by banks and other financial institutions for the account of such Person; 

(e)    Capital Lease Obligations of such Person; 

(f)    obligations of such Person under repurchase agreements, sale/buy-back agreements or like arrangements; 

(g)    Indebtedness of others Guaranteed by such Person; 

(h)    all obligations of such Person incurred in connection with the acquisition or
carrying of fixed assets by such Person; 
 (i)    Indebtedness of general partnerships
of which such Person is a general partner; and 
 (j)    all net liabilities or
obligations under any interest rate swap, interest rate cap, interest rate floor, interest rate collar or other hedging instrument or agreement. 

“Intangible Assets”: Assets that are considered to be intangible assets under GAAP, including customer lists,
goodwill, computer software, copyrights, trade names, trademarks, patents, franchises, licenses, unamortized deferred charges (including deferred financing costs), unamortized debt discount and capitalized research and development costs; provided,
however, that Intangible Assets shall not include real estate intangibles such as in-place lease value, above and below market lease value and deferred leasing costs which are purchase price allocations
determined upon the acquisition of real estate. 
 “Liquidity”: For any Person and its Consolidated
Subsidiaries, the sum of (a) cash (for the avoidance of doubt, such amount shall not include restricted cash) and Cash Equivalents and (b) Available Borrowing Capacity. 

“Non-Recourse Indebtedness”: Indebtedness that is not Recourse
Indebtedness. 
 “Non Wholly-Owned Consolidated Affiliate”: Each Consolidated Subsidiary of Guarantor in
which less than 100% of each class of the Capital Stock (other than directors’ qualifying shares, if applicable) of such Consolidated Subsidiary are at the time owned, directly or indirectly, by Guarantor. 

  
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 “Permitted Non-Recourse CLO
Indebtedness”: Indebtedness that is (i) incurred by a Consolidated Subsidiary of Guarantor in the form of asset-backed securities commonly referred to as “collateralized loan obligations” or “collateralized debt
obligations” and (ii) is Non-Recourse Indebtedness. 
 “Recourse
Indebtedness”: With respect to any Person, for any period, without duplication, the aggregate Indebtedness in respect of which such Person is subject to recourse for payment, whether as a borrower, guarantor or otherwise; provided, that
Indebtedness arising pursuant to Customary Recourse Exceptions shall not constitute Recourse Indebtedness until such time (if any) as demand has been made for the payment or performance of such Indebtedness. 

“Specified GAAP Reportable B Loan Transaction”: A transaction involving either (i) the sale by Guarantor
or any Consolidated Subsidiary of Guarantor of the portion of an investment consisting of an “A-Note”, and the retention by Guarantor or any Consolidated Subsidiary of Guarantor of the portion of
such investment asset consisting of a “B-Note”, which transaction is required to be accounted for under GAAP as a “financing transaction” or (ii) the acquisition or retention by
Guarantor or any of its Consolidated Subsidiaries of an investment asset consisting of a “b-piece” in a securitization facility, which transaction under GAAP results in all of the assets of the trust
that is party to the securitization facility, and all of the bonds issued by such trust under such securitization facility that are senior to the “b-piece”, to be consolidated on Guarantor’s
consolidated balance sheet as assets and liabilities, respectively. 
 “Swap Agreement”: Any agreement with
respect to any swap, forward, future or derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or
pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions; provided that no phantom stock or similar plan providing for payments only on account of services
provided by current or former directors, officers, employees or consultants of Guarantor or any of its Consolidated Subsidiaries shall be a “Swap Agreement”. 

“Total Asset Value”: With respect to any Person as of any date of determination, the net book value of the
total assets of such Person and its Consolidated Subsidiaries on such date as determined in accordance with GAAP plus (x) accumulated depreciation and (y) amortization of real estate intangibles; provided, that Total Asset Value shall
(i) exclude the amount of all restricted cash (other than reserves for Capital Expenditures) of such Person and its Consolidated Subsidiaries to the extent such cash supports obligations that do not constitute Consolidated Total Debt,
(ii) include the net book value of assets associated with a Specified GAAP Reportable B Loan Transaction only to the extent in excess of the amount of any Indebtedness attributable to such Specified GAAP Reportable B Loan Transaction,
(iii) include the net book value of assets associated with any Permitted Non-Recourse CLO Indebtedness and (iv) solely with respect to the net book value of the total assets of a Non Wholly-Owned
Consolidated Affiliate, only include the Consolidated Group Pro Rata Share of the net book value of such Non Wholly-Owned Consolidated Affiliate’s total assets. 

  
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 “Wholly Owned Subsidiary”: With respect to any Person, any
other Person all of the Capital Stock of which (other than directors’ qualifying shares required by law) is owned by such Person directly and/or through other Wholly Owned Subsidiaries. 

2.    Guarantee. 

(a)    Subject to Section 2(b) hereof, Guarantor hereby unconditionally and
irrevocably guarantees to Buyer the prompt and complete payment and performance of the Guaranteed Obligations by Seller when due (whether at the stated maturity, by acceleration or otherwise). 

(b)    Subject to clauses (c) and (d) below, the maximum liability of Guarantor hereunder and
under the Repurchase Documents shall in no event exceed an amount equal to the sum of (i) fifty percent (50%) of the then-current total amount due and payable from Seller to Buyer under the Repurchase
Agreement with respect to Flex Purchased Assets and (ii) twenty-five percent (25%) of the then-current total amount due and payable from Seller to Buyer under the Repurchase Agreement with respect to Core Purchased Assets. 

(c)    Notwithstanding the foregoing, the limitation on recourse liability as set forth in subsection
(b) above SHALL BECOME NULL AND VOID and shall be of no further force and effect and the Guaranteed Obligations immediately shall become fully recourse to Seller and Guarantor, jointly and severally, in the event of any of the following: 

(i)    a voluntary bankruptcy or insolvency proceeding is commenced by Seller under the
Bankruptcy Code or any similar federal or state law; 
 (ii)    an involuntary bankruptcy
or insolvency proceeding is commenced against Seller or Guarantor in connection with which Seller, Guarantor, or any Affiliate of Seller or Guarantor has or have colluded in any way with the creditors commencing or filing such proceeding; or 

(iii)    any material breach by Seller or any Affiliate of Seller of the separateness
covenants contained in Article 9 of the Repurchase Agreement that in any such case results in the substantive consolidation of Seller with any other Person. 

(d)    In addition to the foregoing and notwithstanding the limitation on recourse liability set forth in
subsection (b), Guarantor shall be liable for any losses, costs, claims, expenses or other liabilities incurred by Buyer resulting from the following items: 

(i)    fraud or intentional misrepresentation by Seller, Guarantor or any other Affiliate
of Seller or Guarantor in connection with the execution and the delivery of this Guarantee, the Repurchase Agreement, or any of the other Repurchase Documents, or any certificate, report, financial statement or other instrument or document furnished
to Buyer at the time of the closing of the Repurchase Agreement or during the term of the Repurchase Agreement. 

  
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 (ii)    any material breach by Seller or
any Affiliate of Seller of the separateness covenants set forth in Article 9 of the Repurchase Agreement (other than as set forth in Section 2(c)(iii) above); and 

(iii)    any material breach of (A) any representation or warranty in or incorporated
by reference in any Repurchase Document relating to Environmental Laws, or (B) any indemnity for costs incurred in connection with the violation of any Environmental Law, the correction of any environmental condition, or the removal of any
Materials of Environmental Concern, in each case in any way affecting Seller’s properties or any of the Purchased Assets or in a manner that materially adversely affects the assets of any Affiliate of Seller; provided, however, that the
guarantee set forth in this clause (iii) with respect to any Purchased Asset shall terminate upon (I) Buyer’s completion of its exercise of all remedies with respect to such Purchased Asset pursuant to
Section 10.02(d) of the Repurchase Agreement following an Event of Default under the Repurchase Agreement, and (II) a Person other than Seller or any of its Affiliates becoming the “lender of record” (or
similar status) in connection with such Purchased Asset. 
 (e)    In addition to the foregoing and
notwithstanding the limitation on recourse liability set forth in subsection (b), Guarantor shall be liable for any losses, costs, claims, expenses or other liabilities incurred by Buyer arising out of or attributable to breaches of any of the items
listed in clause (c) above. 
 (f)    Nothing herein shall be deemed to be a waiver of any right
which Buyer may have under Section 506(a), 506(b), 1111(b) or any other provision of the Bankruptcy Code to file a claim for the full amount of the outstanding obligations under the Repurchase Agreement or to require that all collateral shall
continue to secure all of the indebtedness owing to Buyer in accordance with the Repurchase Agreement or any other Repurchase Documents. 

(g)    In addition to the foregoing and notwithstanding the limitation on recourse liability set forth in
subsection (b), Guarantor further agrees to pay any and all reasonable expenses (including, without limitation, all reasonable fees and disbursements of external counsel) which may be paid or incurred by Buyer in enforcing, or obtaining advice
of counsel in respect of, any rights with respect to, or collecting, any or all of the Guaranteed Obligations and/or enforcing any rights with respect to, or collecting against, Guarantor under this Guarantee Agreement, and agrees to indemnify and
hold harmless Buyer from any and all claims, damages, losses, liabilities, costs and expenses that may be incurred by or asserted or awarded against Buyer, in each case relating to or arising out of the Guaranteed Obligations. This Guarantee
Agreement shall remain in full force and effect and fully enforceable against Guarantor in all respects until the Guaranteed Obligations are fully satisfied and paid in full, notwithstanding that from time to time prior thereto Seller may be free
from any Guaranteed Obligations. 
 (h)    No payment or payments made by Seller or any other Person or
received or collected by Buyer from Seller or any other Person by virtue of any action or proceeding or any set-off or appropriation or application, at any time or from time to time, in reduction of or in
payment of the Guaranteed Obligations shall be deemed to modify, reduce, release or otherwise affect the liability of Guarantor hereunder which shall, notwithstanding any such payment or payments, remain liable for the amount of the Guaranteed
Obligations until the Guaranteed Obligations are paid in full. 

  
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 (i)    Guarantor agrees that whenever, at any time, or
from time to time, Guarantor shall make any payment to Buyer on account of Guarantor’s liability hereunder, Guarantor will notify Buyer in writing that such payment is made under this Guarantee Agreement for such purpose. 

3.    Subrogation. Upon making any payment hereunder, Guarantor shall be subrogated to the rights
of Buyer against Seller and any collateral for any Guaranteed Obligations with respect to such payment; provided, that Guarantor shall not seek to enforce any right or receive any payment by way of subrogation, or seek any contribution or
reimbursement from Seller, until all amounts owing by Seller to Buyer under the Repurchase Documents or any related documents have been paid in full; and, further provided, that such subrogation rights shall be subordinate in all
respects to all amounts owing to Buyer under the Repurchase Documents. If any amount shall be paid to Guarantor on account of such subrogation rights at any time when all of the Repurchase Obligations shall not have been paid in full, such amount
shall be held by Guarantor in trust for Buyer, segregated from other funds of Guarantor, and shall, forthwith upon receipt by Guarantor, be turned over to Buyer in the exact form received by Guarantor (duly indorsed by Guarantor to Buyer, if
required), to be applied against the Repurchase Obligations, whether matured or unmatured, in such order as Buyer may determine. 

4.    Amendments, etc. with Respect to the Guaranteed Obligations. Guarantor shall remain obligated
hereunder notwithstanding that, without any reservation of rights against Guarantor, and without notice to or further assent by Guarantor, any demand for payment of any of the Guaranteed Obligations made by Buyer may be rescinded by Buyer and any of
the Guaranteed Obligations continued, and the Guaranteed Obligations, or the liability of any other party upon or for any part thereof, or any collateral security or guarantee therefor or right of offset with respect thereto, may, from time to time,
in whole or in part, be renewed, extended, amended, modified, accelerated, compromised, waived, surrendered or released by Buyer, and any Repurchase Document and any other document in connection therewith may be amended, modified, supplemented or
terminated, in whole or in part, as Buyer may deem advisable from time to time, and any collateral security, guarantee or right of offset at any time held by Buyer for the payment of the Guaranteed Obligations may be sold, exchanged, waived,
surrendered or released. Buyer shall have no obligation to protect, secure, perfect or insure any lien at any time held by it as security for the Guaranteed Obligations or for this Guarantee Agreement or any property subject thereto. When making any
demand hereunder against Guarantor, Buyer may, but shall be under no obligation to, make a similar demand on Seller or any other guarantor, and any failure by Buyer to make any such demand or to collect any payments from Seller or any such other
guarantor or any release of Seller or such other guarantor shall not relieve Guarantor of its Guaranteed Obligations or liabilities hereunder, and shall not impair or affect the rights and remedies, express or implied, or as a matter of law, of
Buyer against Guarantor. For the purposes hereof “demand” shall include the commencement and continuance of any legal proceedings. 

5.    Guarantee Absolute and Unconditional. (a) Guarantor hereby agrees that its obligations
under this Guarantee Agreement constitute a guarantee of payment when due and not of collection. Guarantor waives any and all notice of the creation, renewal, extension or accrual 

  
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of any of the Guaranteed Obligations and notice of or proof of reliance by Buyer upon this Guarantee Agreement or acceptance of this Guarantee Agreement; the Guaranteed Obligations, and any of
them, shall conclusively be deemed to have been created, contracted or incurred in reliance upon this Guarantee Agreement; and all dealings between Seller or Guarantor, on the one hand, and Buyer, on the other hand, shall likewise be conclusively
presumed to have been had or consummated in reliance upon this Guarantee Agreement. Guarantor waives promptness, diligence, presentment, protest, demand for payment and notice of protest, demand, dishonor, default, nonpayment or nonperformance,
notice of any exercise of remedies, and all other notices whatsoever to or upon Seller or Guarantor with respect to the Guaranteed Obligations. Guarantor also waives any exchange, release or non-perfection of
any collateral, or any release or amendment or waiver of or consent to departure from any other guaranty, for all or any part of the Guaranteed Obligations. This Guarantee Agreement shall be construed as a continuing, absolute and unconditional
guarantee of payment without regard to (i) the validity, regularity or enforceability of the Repurchase Agreement or any Repurchase Document, any of the Guaranteed Obligations or any collateral security therefor or guarantee or right of offset
with respect thereto at any time or from time to time held by Buyer, (ii) any defense, set-off or counterclaim (other than a defense of payment or performance) which may at any time be available to or be
asserted by Seller against Buyer, (iii) any requirement that Buyer exhaust any right to take any action against Seller or any other Person prior to or contemporaneously with proceeding to exercise any right against Guarantor under this
Guarantee Agreement or (iv) any other circumstance whatsoever (with or without notice to or Knowledge of Seller or Guarantor) which constitutes, or might be construed to constitute, an equitable or legal discharge of Seller for the Guaranteed
Obligations of Guarantor under this Guarantee Agreement, in bankruptcy or in any other instance, or any defense of a surety or guarantor. When pursuing its rights and remedies hereunder against Guarantor, Buyer may, but shall be under no obligation,
to pursue such rights and remedies that Buyer may have against Seller or any other Person or against any collateral security or guarantee for the Guaranteed Obligations or any right of offset with respect thereto, and any failure by Buyer to pursue
such other rights or remedies or to collect any payments from Seller or any such other Person or to realize upon any such collateral security or guarantee or to exercise any such right of offset, or any release of Seller or any such other Person or
any such collateral security, guarantee or right of offset, shall not relieve Guarantor of any liability hereunder, and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of law, of Buyer or any
Affiliate of Buyer against Guarantor. This Guarantee Agreement shall remain in full force and effect and be binding in accordance with and to the extent of its terms upon Guarantor and its successors and assigns, and shall inure to the benefit of
Buyer, and its successors and permitted endorsees, transferees and assigns, until all the Guaranteed Obligations and the obligations of Guarantor under this Guarantee Agreement shall have been satisfied by payment in full, notwithstanding
(x) any sale by Buyer of any Purchased Asset as set forth in Article 10 of the Repurchase Agreement or the exercise by Buyer of any of the other rights and remedies set forth in any of the Repurchase Documents, or (y) that from time
to time during the term of the Repurchase Documents Seller may be free from any Guaranteed Obligations. 

(b)    Without limiting the generality of the foregoing, the occurrence of one or more of the following
shall not preclude the exercise by Buyer of any right, remedy or power 

  
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hereunder or alter or impair the liability of Guarantor hereunder, which shall, remain absolute, irrevocable and unconditional: 

(i)    at any time or from time to time, without notice to Guarantor, the time for any
performance of or compliance with any of the Guaranteed Obligations shall be extended, waived or renewed, or Seller shall be released from any of the Guaranteed Obligations, or any of the Guaranteed Obligations shall be subordinated in right of
payment to any other liability of Seller; 
 (ii)    any of the Guaranteed Obligations
shall be accelerated or otherwise become due prior to their stated maturity, in any case, in accordance with the terms of the Repurchase Agreement, or any of the Guaranteed Obligations shall be amended, supplemented, restated or otherwise modified
in any respect, or any right under the Repurchase Agreement shall be waived, or any other guaranty of any of the Guaranteed Obligations or any security therefor shall be released, substituted or exchanged in whole or in part or otherwise dealt with;

 (iii)    the occurrence of any Default or Event of Default under the Repurchase
Agreement, or the occurrence of any similar event (howsoever described) under any agreement or instrument referred to therein; 

(iv)    any consolidation or amalgamation of Seller with, any merger of Seller with or
into, or any transfer by Seller of all or substantially all its assets to, another Person, any change in the legal or beneficial ownership of ownership interests issued by Seller, any Division of Seller or Pledgor, or any other change whatsoever in
the objects, capital structure, constitution or business of Seller; 
 (v)    any delay,
failure or inability of Seller or any other guarantor or obligor in respect of any of the Guaranteed Obligations to perform, willful or otherwise, any provision of the Repurchase Agreement beyond any applicable cure periods; 

(vi)    any action, forbearance or failure to act by Buyer that adversely affects
Guarantor’s right of subrogation arising by reason of any performance by Guarantor of this Guarantee Agreement; 

(vii)    any suit or other action brought by, or any judgment in favor of, any
beneficiaries or creditors of, Seller or any other Person for any reason whatsoever, including any suit or action in any way disaffirming, repudiating, rejecting or otherwise calling into question any issue, matter or thing in respect of the
Repurchase Agreement; 
 (viii)    any lack or limitation of status or of power,
incapacity or disability of Seller or any other guarantor or obligor in respect of any of the Guaranteed Obligations; 

(ix)    any change in the laws, rules or regulations of any jurisdiction, or any present or
future action or order of any Governmental Authority, amending, varying or otherwise affecting the validity or enforceability of any of the Guaranteed Obligations or the obligations of any other guarantor or obligor in respect of any of the
Guaranteed Obligations; 

  
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 (x)    any lack of validity or
enforceability of the Repurchase Agreement or any other Repurchase Document for any reason, including any bar by any statute of limitations or other law of recovery on any obligation under the Repurchase Agreement or any other Repurchase Document,
or any defense or excuse for failure to perform on account of any event of force majeure, act of God, casualty, impossibility, impracticability, or other defense or excuse whatsoever; 

(xi)    any change in the time, manner or place of payment of, or in any other term of, the
Repurchase Agreement, any other Repurchase Document or any obligation thereunder, including any amendment or waiver of or any consent to departure from the Repurchase Agreement or any other Repurchase Document, in any such case, made or effected in
accordance with the terms of the Repurchase Agreement or any other Repurchase Document; 

(xii)    any action which Buyer may take or omit to take in connection with the Repurchase
Agreement or any other Repurchase Document, any of the obligations thereunder (or any Indebtedness owing by Seller to Buyer); any giving or failure to give any notice; any course of dealing of Buyer with Seller or any other Person; or any
forbearance, neglect, delay, failure, or refusal to take or prosecute any action for the collection or enforcement of the Repurchase Agreement, any other Repurchase Document or any obligation thereunder, to foreclose or take or prosecute any action
in connection with the Repurchase Agreement, to bring suit against Seller or any other Person, or to file a claim in any Insolvency Proceeding; 

(xiii)    any compromise or settlement of any part of the Repurchase Agreement, any other
Repurchase Document, or obligations thereunder or any other amount claimed to be owing under the Repurchase Agreement or any other Repurchase Document; 

(xiv)    any modification of the Repurchase Agreement or any other Repurchase Document, in
any form whatsoever, including any modification made after revocation hereof to any Indebtedness incurred prior to such revocation, and including, without limitation, the renewal, extension, adjustment, indulgence, forbearance, acceleration or other
change in time for payment of, or other change in the terms of, the Indebtedness or any portion thereof, including increase or decrease of the rate of interest thereon; 

(xv)    any impairment of the value of any interest in any Purchased Assets, Pledged
Collateral or any other collateral or security for the Repurchase Obligations or any portion thereof, including, without limitation, the failure to obtain or maintain perfection or recordation of any lien or other interest in any such Purchased
Assets, Pledged Collateral or any other collateral or security for the Repurchase Obligations, the release of any such Purchased Assets, Pledged Collateral or any other collateral or security for the Repurchase Obligations without substitution,
and/or the failure to preserve the value of, or to comply with applicable law in disposing of, any such Purchased Assets, Pledged Collateral or any other collateral or security for the Repurchase Obligations; 

  
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 (xvi)    the failure of Buyer or any
other party to exercise diligence or reasonable care in the preservation, protection, enforcement, sale or other handling or treatment of all or any part of any collateral, property or security; 

(xvii)    any change, restructuring or termination of the corporate structure or existence
of Seller, any Division of Seller or Pledgor or any release, substitution or addition of any other obligor, or any Insolvency Event or Insolvency Proceeding with respect to Seller; or 

(xviii)    any action or inaction of Seller or any other Person, or any change of law or
circumstances, or any other facts or events which might otherwise constitute a defense available to, or a discharge of, Seller, or a guarantor or surety. 

(c)    Without limiting the generality of the foregoing, Guarantor hereby agrees, acknowledges, and
represents and warrants to Buyer as follows: 
 (i)    Guarantor hereby unconditionally
and irrevocably waives: (A) any defense arising by reason of, and any and all right to assert against Buyer any claim or defense based upon, an election of remedies by Buyer which in any manner impairs, affects, reduces, releases, destroys
and/or extinguishes Guarantor’s subrogation rights, rights to proceed against Seller, or any other guarantor for reimbursement or contribution, and/or any other rights of Guarantor to proceed against Seller, against any other guarantor, or
against any other person or security, (B) any defense based upon any lack of authority of the officers, directors, partners or agents acting or purporting to act on behalf of Seller or Guarantor, (C) any defense based upon the application
by Seller of any Purchase Price under the Repurchase Agreement for purposes other than the purposes represented by Seller to Buyer or intended or understood by Buyer or Guarantor, (D) any defense based upon Buyer’s failure to disclose to
Guarantor any information concerning Seller’s financial condition or any other circumstances bearing on Seller’s ability to pay all sums payable under the Repurchase Documents, (E) any defense based upon any statute or rule of law
that provides that the obligation of a surety must be neither larger in amount nor in any other respects more burdensome than that of a principal, (F) any defense based upon Buyer’s election, in any proceeding instituted under the
Bankruptcy Code, of the application of Section 1111(b)(2) of the Bankruptcy Code or any successor statute, (G) any defense based upon any borrowing or any grant of a security interest under Section 364 of the Bankruptcy Code and
(H) any right of subrogation, any right to enforce any remedy that Guarantor may have against Seller or any other Person liable for the Guaranteed Obligations and any right to participate in, or benefit from, any security for the Repurchase
Agreement or Repurchase Documents now or hereafter held by Buyer. 
 (ii)    Guarantor
further unconditionally and irrevocably waives any and all rights and defenses that Guarantor may have as a result of Seller’s obligations under the Repurchase Documents being backed and/or secured by real property. Among other things,
Guarantor agrees: (1) Buyer may collect from Guarantor without first foreclosing on any real or personal property sold by Seller under the Repurchase Agreement and/or in which a security interest has been granted to Buyer pursuant to
Article 11 of the Repurchase Agreement (herein “Related Property”), and (2) if Buyer forecloses on any 

  
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Related Property, then (A) the amount of Seller’s debt and Guarantor’s obligation hereunder may be reduced only by the price for which such collateral is sold at any foreclosure
sale (whether public or private), even if the collateral is worth more than the sale price, and (B) Buyer may collect from Guarantor pursuant to the terms of this Guarantee Agreement even if Buyer, by foreclosing on any Related Property, has
destroyed any right Guarantor may have to collect from Seller or its Affiliates. The foregoing sentence is an unconditional and irrevocable waiver of any rights and defenses Guarantor may have because the Guaranteed Obligations are secured by real
property. Guarantor further waives any rights it may have under Sections 1301 or 1371 of the Real Property Actions and Proceedings Law of the State of New York. 

(iii)    Guarantor further expressly waives to the fullest extent permitted by law any and
all rights and defenses, including any rights of reimbursement, indemnification and contribution, that might otherwise be available to Guarantor under applicable law. 

(iv)    Guarantor agrees that the performance of any act or any payment that tolls any
statute of limitations applicable to the Repurchase Agreement or any Repurchase Document shall similarly operate to toll the statute of limitations applicable to Guarantor’s liability hereunder. 

(v)    Guarantor agrees that (A) the obligations of Guarantor under this Guarantee
Agreement are independent of the obligations of Seller or any other Person under the Repurchase Documents, (B) a separate action or actions may be brought and prosecuted against Guarantor to enforce this Guarantee Agreement, irrespective of
whether an action is brought against Seller or any other Person or whether Seller or any other Person is joined in any such action, and (C) concurrent actions may be brought hereon against Guarantor in the same action, if any, brought against
Seller or any other Person or in separate actions, as often as Buyer, in its sole discretion, may deem advisable. 

(vi)    Guarantor is presently informed of the financial condition of Seller and of all
other circumstances which diligent inquiry would reveal and which bear upon the risk of nonpayment of the Guaranteed Obligations. Guarantor hereby covenants that it will make its own investigation and will continue to keep itself informed about
Seller’s financial condition, the status of other guarantors, if any, and of circumstances which bear upon the risk of nonpayment and that it will continue to rely upon sources other than Buyer for such information and will not rely upon Buyer
or any Affiliate of Buyer for any such information. Absent a written request for such information by Guarantor to Buyer, Guarantor hereby unconditionally and irrevocably waives the right, if any, to require Buyer to disclose to Guarantor, and
unconditionally and irrevocably waives any defense based upon Buyer’s failure to disclose to Guarantor, any information which Buyer may now or hereafter acquire concerning such condition or circumstances including, but not limited to, the
release of or revocation by any other guarantor. 
 (vii)    Guarantor has independently
reviewed the Repurchase Documents and related agreements and has made an independent determination as to the validity and enforceability thereof, and in executing and delivering this Guarantee Agreement to Buyer, Guarantor is not in any manner
relying upon the validity, and/or enforceability, and/or 

  
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attachment, and/or perfection of any liens or security interests of any kind or nature granted by Seller or any other guarantor to Buyer or any Affiliate of Buyer, now or at any time and from
time to time in the future. 
 6.    Reinstatement. This Guarantee Agreement shall continue to be
effective, or be reinstated, as the case may be, if at any time payment, or any part thereof, of any of the Guaranteed Obligations is rescinded or must otherwise be restored or returned by Buyer upon the insolvency, bankruptcy, dissolution,
liquidation or reorganization of Seller or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer or agent under any federal or state law or any such similar law of any other applicable
jurisdiction for, Seller or any substantial part of Seller’s property, or otherwise, all as though such payments had not been made. 

7.    Payments. Guarantor hereby agrees that the Guaranteed Obligations will be paid to Buyer
without set-off or counterclaim in U.S. Dollars at the address specified in writing by Buyer. 

8.    Representations and Warranties. Guarantor represents and warrants that: 

(a)    Guarantor has the legal capacity and the legal right to execute and deliver this Guarantee
Agreement and to perform Guarantor’s obligations hereunder; 
 (b)    no consent or authorization
of, filing with, or other act by or in respect of, any arbitrator or governmental authority and no consent of any other Person (including, without limitation, any creditor of Guarantor) is required in connection with the execution, delivery,
performance, validity or enforceability of this Guarantee Agreement; 
 (c)    this Guarantee Agreement
has been duly executed and delivered by Guarantor and constitutes a legal, valid and binding obligation of Guarantor enforceable against it in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency,
reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and Insolvency Laws or by general principles of equity (whether enforcement is sought in proceedings in equity or at law); 

(d)    the execution, delivery and performance of this Guarantee Agreement will not violate any
Requirements of Law, applicable to or binding upon Guarantor or any of its property or to which Guarantor or any of its property is subject, or any provision of any security issued by Guarantor or of any agreement, instrument or other undertaking to
which Guarantor is a party or by which it or any of its property is bound (“Contractual Obligation”), and will not result in or require the creation or imposition of any lien on any of the properties or revenues of Guarantor
pursuant to any Requirements of Law or Contractual Obligation of Guarantor; 
 (e)    no material
litigation, investigation or proceeding of or before any arbitrator or Governmental Authority is pending or, to the Knowledge of Guarantor, threatened by or against Guarantor or against any of Guarantor’s properties or revenues that seeks a
determination or ruling that could reasonably be expected to have a Material Adverse Effect; 

  
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 (f)    Guarantor (i) has been duly organized and is
validly existing under the laws of the State of Delaware, (ii) is in good standing under the laws of the State of Delaware and (iii) is duly qualified and in good standing as a foreign entity in each other jurisdiction in which the conduct
of its business requires it to so qualify or be licensed; Guarantor and each of its respective Affiliates has complied in all respects with all Requirements of Laws; and 

(g)    None of Seller, Guarantor, any Subsidiaries or Parents of Seller or Guarantor and, to the knowledge
of Seller or Guarantor, no Affiliate of Seller or Guarantor (i) is in violation of any Sanctions or (ii) is a Sanctioned Target. Neither Guarantor nor any Affiliate of Guarantor is or is controlled by, an “investment company” as
defined in the Investment Company Act or is exempt from the provisions of the Investment Company Act. Guarantor and all Affiliates of Guarantor are in compliance with the Foreign Corrupt Practices Act of 1977 and any foreign counterpart thereto.
Neither Guarantor nor any Affiliate of Guarantor has made, offered, promised or authorized a payment of money or anything else of value (i) in order to assist in obtaining or retaining business for or with, or directing business to, any foreign
official, foreign political party, party official or candidate for foreign political office, (ii) to any foreign official, foreign political party, party official or candidate for foreign political office, or (iii) with the intent to
induce the recipient to misuse his or her official position to direct business wrongfully to Guarantor, any Affiliate of Guarantor or any other Person, in violation of the Foreign Corrupt Practices Act. 

Guarantor agrees that the foregoing representations and warranties shall be deemed to have been made by Guarantor on and as of
the date of this Guarantee Agreement, each Purchase Date, and at all times when any Repurchase Document or Transaction is in full force and effect. 

9.    Covenants. 

(a)    Minimum Liquidity. Liquidity of Guarantor at any time shall not be less than the lower of
(i) Fifty Million Dollars ($50,000,000.00) and (ii) the greater of (A) Ten Million Dollars ($10,000,000.00) and (B) five percent (5%) of Guarantor’s Recourse Indebtedness. 

(b)    Minimum Tangible Net Worth. Consolidated Tangible Net Worth of Guarantor at any time shall
not be less than the sum of (i) $2,105,000,000.00, plus (ii) seventy-five percent (75%) of the net cash proceeds thereafter received by Guarantor (x) from any offering by Guarantor of its common equity and (y) from any offering by
Sponsor of its common equity to the extent such net cash proceeds are contributed to Guarantor, excluding any such net cash proceeds that are contributed to Guarantor within ninety (90) days of receipt of such net cash proceeds and applied to
purchase, redeem or otherwise acquire Capital Stock issued by Guarantor (or any direct or indirect parent thereof). 

(c)    Maximum Consolidated Leverage Ratio. The Consolidated Leverage Ratio of Guarantor at any
time may not exceed 0.75 to 1.00. 
 (d)    Minimum Interest Coverage Ratio. As of any date of
determination, the ratio of (i) Consolidated EBITDA of Guarantor for the period of twelve (12) consecutive months ended on such date (if such date is the last day of a fiscal quarter) or the fiscal quarter most recently ended prior to such
date (if such date is not the last day of a fiscal quarter) to (ii) Consolidated Interest Expense of Guarantor for such period shall not be less than 1.4 to 1. 

  
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10.    Set-off. 

(a)    In addition to any rights now or hereafter granted under the Repurchase Documents, Requirements of
Law, or otherwise, Guarantor hereby grants to Buyer, to secure repayment of the Guaranteed Obligations, a right of set off upon any and all of the following: monies, securities, collateral or other property of Guarantor and any proceeds from the
foregoing, now or hereafter held or received by Buyer or any Affiliate of Buyer, for the account of Guarantor, whether for safekeeping, custody, pledge, transmission, collection or otherwise, and also upon any and all deposits (general, specified,
special, time, demand, provisional or final) and credits, claims or Indebtedness of Guarantor at any time existing, and any obligation owed by Buyer or any Affiliate of Buyer to Guarantor and to set-off
against any Guaranteed Obligations or Indebtedness owed by Guarantor and any Indebtedness owed by Buyer or any Affiliate of Buyer to Guarantor, in each case whether direct or indirect, absolute or contingent, matured or unmatured, whether or not
arising under the Repurchase Documents and irrespective of the currency, place of payment or booking office of the amount or obligation and in each case at any time held or owing by Buyer or any Affiliate of Buyer to or for the credit of Guarantor,
without prejudice to Buyer’s right to recover any deficiency. Each of Buyer and each Affiliate of Buyer is hereby authorized upon any amount becoming due and payable by Guarantor to Buyer under the Repurchase Documents, the Guaranteed
Obligations or otherwise or upon the occurrence and continuance of an Event of Default, without notice to Guarantor, any such notice being expressly waived by Guarantor to the extent permitted by any Requirements of Law, to set-off, appropriate, apply and enforce such right of set-off against any and all items hereinabove referred to against any amounts owing to Buyer by Guarantor under the
Repurchase Documents and the Guaranteed Obligations, irrespective of whether Buyer or any Affiliate of Buyer shall have made any demand under the Repurchase Documents and regardless of any other collateral securing such amounts, and in all cases
without waiver or prejudice of Buyer’s rights to recover a deficiency. Guarantor shall be deemed directly indebted to Buyer in the full amount of all amounts owing to Buyer by Guarantor under the Repurchase Documents and the Guaranteed
Obligations, and Buyer shall be entitled to exercise the rights of set-off provided for above. ANY AND ALL RIGHTS TO REQUIRE BUYER TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO THE PURCHASED ASSETS UNDER
THE REPURCHASE DOCUMENTS, THE PLEDGED COLLATERAL OR ANY OTHER COLLATERAL SECURITY FOR THE REPURCHASE OBLIGATIONS, PRIOR TO EXERCISING THE FOREGOING RIGHT OF SET-OFF, ARE HEREBY KNOWINGLY, VOLUNTARILY AND
IRREVOCABLY WAIVED BY GUARANTOR. 
 (b)    Buyer shall promptly notify Guarantor after any such set-off and application made by Buyer or any of its Affiliates, provided that the failure to give such notice shall not affect the validity of such set-off and application. If
an amount or obligation is unascertained, Buyer may in good faith estimate that obligation and set-off in respect of the estimate, subject to the relevant party accounting to the other party when the amount or
obligation is ascertained. Nothing in this Section 10 shall be effective to create a charge or other security interest. This Section 10 shall be without prejudice and in addition to any right of set-off, combination of accounts, Lien or other rights to which any party is at any time otherwise entitled. 

(c)    Guarantor hereby waives any right of setoff it has or may have or to which it may be or become
entitled under the Repurchase Documents or otherwise against Buyer or any Affiliate of Buyer, or their respective assets or properties. 

  
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 11.    Severability. Any provision of this
Guarantee Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such
prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

12.    Paragraph Headings. The paragraph headings used in this Guarantee Agreement are for
convenience of reference only and are not to affect the construction hereof or be taken into consideration in the interpretation hereof. 

13.    No Waiver; Cumulative Remedies. Buyer shall not by any act (except by a written instrument
pursuant to Section 14 hereof), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any default or event of default or in any breach of any of the terms
and conditions hereof. No failure to exercise, nor any delay in exercising, on the part of Buyer, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any right, power or privilege hereunder
shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege. A waiver by Buyer of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy which Buyer
would otherwise have on any future occasion. The rights and remedies herein provided are cumulative, may be exercised singly or concurrently and are not exclusive of any rights or remedies provided by law. 

14.    Waivers and Amendments; Successors and Assigns; Governing Law. None of the terms or
provisions of this Guarantee Agreement may be waived, amended, supplemented or otherwise modified except by a written instrument executed by Guarantor and Buyer, provided that, subject to any limitations set forth in the Repurchase Agreement, any
provision of this Guarantee Agreement may be waived by Buyer in a letter or agreement executed by Buyer and delivered in accordance with Section 15 hereinbelow. This Guarantee Agreement shall be binding upon the successors
and assigns of Guarantor and shall inure to the benefit of Buyer, and its respective successors and assigns. THIS GUARANTEE AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS GUARANTEE, THE RELATIONSHIP BETWEEN
GUARANTOR AND BUYER, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS OF BUYER AND DUTIES OF GUARANTOR SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE
CHOICE OF LAW RULES THEREOF. GUARANTOR AND BUYER INTEND THAT THE PROVISIONS OF SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS GUARANTEE
AGREEMENT.  
 15.    Notices. Notices by Buyer to Guarantor may be given in
writing and sent prepaid by hand delivery, by certified or registered mail, by expedited commercial or postal delivery service, or by email if also sent by one of the foregoing, to the address or email set forth under Guarantor’s signature
below or such other address as Guarantor shall specify from time to time in a notice to Buyer. Any of the foregoing communications shall be effective when delivered, if such delivery occurs on a Business Day; otherwise, each such communication shall
be effective on the first Business Day following the date of such delivery. Notices to Buyer by Guarantor may be given in the manner set forth in the Repurchase Agreement. 

  
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 16.    SUBMISSION TO JURISDICTION; SERVICE OF
PROCESS. Guarantor, and by its acceptance hereof, Buyer, each hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the courts of the State of New York sitting in the Borough of
Manhattan and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Guarantee Agreement, and each such party
irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such State court or, to the fullest extent permitted by applicable law, in such Federal court. Guarantor, and by its
acceptance hereof, Buyer, each hereby agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this
Guarantee Agreement or the other Repurchase Documents shall affect any right that Buyer may otherwise have to bring any action or proceeding for prejudgment remedies as for recognition or enforcement of any judgments arising out of or relating to
this Guarantee Agreement against Guarantor or its properties in the courts of any jurisdiction where either Guarantor or such properties are located. Guarantor, and by its acceptance hereof, Buyer, each hereby irrevocably and unconditionally waives,
to the fullest extent permitted by Requirements of Law, any objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Guarantee Agreement in any court referred to above, and the
defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. Guarantor, and by its acceptance hereof, Buyer, each hereby irrevocably consents to service of process in the manner provided for notices in
Section 15. Nothing in this Guarantee Agreement will affect the right of Buyer to serve process in any other manner permitted by applicable law. 

17.    Integration. This Guarantee Agreement represents the agreement of Guarantor with respect to
the subject matter hereof and there are no promises or representations by Buyer or any representative of Buyer relative to the subject matter hereof not reflected herein. 

18.    Acknowledgments. Guarantor hereby acknowledges that: 

(a)    Guarantor has been advised by counsel in the negotiation, execution and delivery of this Guarantee
Agreement and the related documents; 
 (b)    Buyer has no fiduciary relationship to Guarantor, and the
relationship between Buyer and Guarantor is solely that of surety and creditor; and 
 (c)    no joint
venture exists between or among any of Buyer on the one hand, and Guarantor and Seller on the other hand. 

19.    Intent. Guarantor intends (a) this Guarantee Agreement to constitute a security
agreement or arrangement or other credit enhancement within the meaning of Section 101 of the Bankruptcy Code related to a “securities contract” as defined in Section 741(7)(A)(xi) of the Bankruptcy Code and, to the extent that
this Guarantee Agreement relates to a Transaction under the Repurchase Agreement that has a Repurchase Date not later than one (1) year after the 

  
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date of transfer or may be repurchased on demand, a security agreement or arrangement or other credit enhancement related to a “repurchase agreement” as that term is defined in
Section 101(47)(A)(v) of the Bankruptcy Code, and (b) that, with respect to this Guarantee Agreement, (x) Buyer (for so long as Buyer is a “financial institution”, a “financial participant” or other entity listed
in Section 555 of the Bankruptcy Code) shall be entitled to the benefits and protections afforded under Section 555 of the Bankruptcy Code with respect to a “securities contract” and (y) to the extent that this Guarantee
Agreement relates to a Transaction under the Repurchase Agreement that has a Repurchase Date not later than one (1) year after the date of transfer or may be repurchased on demand, Buyer (for so long as Buyer is a “repo participant”
or a “financial participant”) shall be entitled to the benefits and protections afforded under Section 559 of the Bankruptcy Code. 

20.    WAIVERS OF JURY TRIAL. TO THE EXTENT PERMITTED BY REQUIREMENTS OF LAW, GUARANTOR
AND, BY ITS ACCEPTANCE HEREOF, BUYER EACH HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE BETWEEN THEM, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, ARISING OUT OF, CONNECTED
WITH OR RELATED TO THIS GUARANTEE, ANY DEALINGS OR COURSE OF CONDUCT BETWEEN THEM, OR ANY STATEMENTS (WRITTEN OR ORAL) OR OTHER ACTIONS OF EITHER OF THEM. GUARANTOR AND, BY ITS ACCEPTANCE HEREOF, BUYER HEREBY AGREE THAT NEITHER OF THEM WILL SEEK TO
CONSOLIDATE ANY SUCH ACTION WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED. INSTEAD, ANY SUCH DISPUTE RESOLVED IN COURT WILL BE RESOLVED IN A BENCH TRIAL WITHOUT A JURY. 

21.    MFN Provision. Notwithstanding anything to the contrary contained herein or elsewhere,
(i) in the event that Guarantor, Seller or any Subsidiary of Guarantor has entered into or shall enter into or amend any other commercial real estate loan repurchase agreement, warehouse facility or credit facility with any other lender or
repurchase buyer (each as in effect after giving effect to all amendments thereof, a “Third Party Agreement”) and such Third Party Agreement contains any financial covenant as to Guarantor for which there is no corresponding
covenant in clauses (a) through (d) of Section 9 of this Guarantee Agreement at the time such financial covenant becomes effective (each an “Additional Financial Covenant”), or contains a financial
covenant that corresponds to a covenant in clauses (a) through (d) of Section 9 of this Guarantee Agreement and such financial covenant is more restrictive as to Guarantor than the corresponding covenant in clauses
(a) through (d) of Section 9 of this Guarantee Agreement as in effect at the time such financial covenant becomes effective (each, a “More Restrictive Financial Covenant” and together with each
Additional Financial Covenant, each an “MFN Covenant”), then (A) Guarantor shall promptly notify Buyer of the effectiveness of such MFN Covenant and (B) in the sole discretion of Buyer clauses (a) through (d) of
Section 9 of this Guarantee Agreement will automatically be deemed to be modified to reflect such MFN Covenant (whether through amendment of an existing covenant contained in clauses (a) through (d) of
Section 9 of this Guarantee Agreement (including, if applicable, related definitions) or the inclusion of an additional financial covenant (including, if applicable, related definitions), as applicable), and (ii) in
the event that all Third Party Agreements that contain an MFN Covenant are or have been amended, modified or terminated and the effect thereof is to make less restrictive as to Guarantor any MFN 

  
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Covenant or eliminate any Additional Financial Covenant, then, upon Guarantor providing written notice to Buyer of the same (each an “MFN Step Down Notice”), which Guarantor may
deliver to Buyer from time to time, the financial covenants in clauses (a) through (d) of Section 9 of this Guarantee Agreement will automatically be deemed to be modified to reflect only such MFN Covenants which are
then in effect as of the date of any such MFN Step Down Notice; provided, however, that in no event shall the foregoing cause the financial covenants of Guarantor to be any less restrictive than the financial covenants expressly set forth in clauses
(a) through (d) of Section 9 of this Guarantee Agreement. Promptly upon request by Buyer, Guarantor shall execute and take any and all acts, amendments, supplements, modifications and assurances and other instruments
as Buyer may reasonably require from time to time in order to document any such modification and otherwise carry out the intent and purposes of this section. 

[SIGNATURES COMMENCE ON THE FOLLOWING PAGE] 

  
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 IN WITNESS WHEREOF, the undersigned has caused this Guarantee Agreement to
be duly executed and delivered as of the date first above written. 
  

					
	 CREDIT RE OPERATING COMPANY, LLC,
a Delaware limited liability
company

		
	 By:
	 	 /s/ David A. Palamé

		 	 Name:
	 	 David A. Palamé

		 	 Title:
	 	 Vice President



 Address for Notices: 

CREDIT RE OPERATING COMPANY, LLC 
 590 Madison Avenue, 34th Floor 
 New York, New York 10022 

Attention: David A. Palamé 
 Telephone:
###### 
 Email: ######@clny.com 
 with copies
to: 
 Ropes & Gray LLP 
 1211 Avenue of the Americas

 New York, New York 10036-8704 
 Attention: Daniel L. Stanco

 Telephone: ###### 
 Email:
######@ropesgray.com